EQS-News: AUSTRIACARD HOLDINGS AG ANNOUNCES Q1 2025 RESULTS

 

AUSTRIACARD HOLDINGS AG

ANNOUNCES Q1 2025 RESULTS

 

Digital Technologies continued its positive momentum

Turkish market normalisation

 

 

May 19, 2025 – AUSTRIACARD HOLDINGS AG (ACAG) announces its first-quarter results for 2025. The company reports progress in client solutions, robust growth in Western Europe, the Nordics, and the Americas, and a normalization of the card payment business in Türkiye.

 

• Revenue: Group revenues decreased by 10% to €82.6 million in Q1 2025 (Q1 2024: €91.8 million) driven by a reduction in the Turkish payment card market, mainly due to the normalisation of customer owned banking card stock levels. Our strong Turkish market share is unchanged and has been reached as a result of significant annualised growth of 52% over the last five years. Excluding the effect from the Turkish market Group revenues increased by 8%.
• Revenues from Digital Technologies and Document Lifecycle Management continued their positive trajectory, and the Western Europe, Nordics and Americas region posted robust growth, reaffirming our successful market expansion strategy.                     

 

• Business Category Performance:
  • Digital Technologies revenue grew by 21.5% to €7.2 million, driven by public and private sector digital solutions implementations in Greece and Romania, integrating now services provided by our latest acquisitions LS TECH and GlobalTrust.
  • Document Lifecycle Management revenue increased by 8.2% reaching €31 million due to a combination of increased document output revenues in CEE and increased distribution revenues associated with the card personalization services.
  • Identity & Payment Solutions revenue decreased by 22.4% to €44.4 million mainly due to the contraction of the Turkish payment card market, driven by cyclicality and normalisation of stock levels.

The other Identity & Payment solution markets were in line with or above the previous year but could not offset the negative impact of the Turkish market. Excluding the effect from the Turkish market revenues of this category increased by 5.5%.

• Regional Segment Performance:
  • Türkiye, Middle East and Africa (MEA) segment recorded revenues of €7.6m which decreased by € -14.5m or -65.6% compared to Q1 2024. This is due to lower revenues in the Turkish payment card market which are attributable to the market's current economic uncertainties and high levels of paid customer stock after several years of strong growth.
  • Western Europe, Nordics and Americas (WEST) segment generated revenues of €28.7m in Q1 2025, an increase of € +2.7m or +10.5% compared to Q1 2024. This growth was mainly driven by higher sales of metal payment cards and distribution services associated with card personalization services.
  • Central Eastern Europe & DACH (CEE) segment reported revenues of €51.6m in Q1 2025, a decrease of € -10.5m or -16.9% compared to the same period in 2024. This decline was primarily driven by a drop in inter-segment payment card deliveries to the Turkish market (€ -11.7m) which more than offset the growth generated by the Digital Technologies category of € +1.2m or +20.0%.
• Operating performance:
  • Adjusted EBITDA decreased by 18.9% to €11.2 million, following the decrease in the top line and the reduction of gross profit. The margin reached 13.6%.
  • Net profit decreased by 50.5% to €2.6 million.
  • Cash flow from operating activities increased by € +3.6m in the first three months of 2025 from € -0.5m in 2024 to € +3.1m in 2025, due to a reduced pace of working capital build up: 2025 
    € - 6.9m vs 2024 € - 12.3m resulting in an improvement in operating cashflow from Net working capital of € +5.4m.
• Dividend Proposal: The company will propose a dividend of €0.11 per share at the Annual General Meeting (AGM) on June 24 2025.
• Outlook 2025: We anticipate a positive trajectory for the full year 2025, albeit a subdued first half of the year.

 

Manolis Kontos, Vice-Chairman and CEO of AUSTRIACARD HOLDINGS AG, commented:

“The onset of 2025 has presented a more subdued landscape, largely due to the normalization of the Turkish payment card market, which has experienced remarkable annual growth of 52% over the past five years. This adjustment follows a period of elevated stock levels in the wake of COVID-19.

We recognize that our business is subject to cyclical fluctuations as we operate across diverse global markets, each characterized by unique dynamics and macroeconomic conditions. However, it is precisely this diversified approach that fuels our future growth and ensures our resilience as we move forward.

In the first quarter of this year, we witnessed significant growth in our digital technologies segment which we expect to continue throughout the year. Our holistic citizen identity solution offering is now complete and on track to generate steady recurring income.We have already contracts concluded that are in implementation in the course of 2025 and will significantly increase the contribution of Government ID solutions in our revenue mix.

Our unwavering commitment to investing in our product offerings is central to our daily operations. Soon, we will unveil an innovative product in the AI space that will significantly enhance our customer experience by streamlining the management and content processing of digitalized documents, strengthening our end-to-end solutions.

We are genuinely enthusiastic about our recently announced mid-term financial objectives and firmly believe that 2025 is poised for a positive trajectory.”

 

 

 

 

 

 

 

 

GROUP BUSINESS PERFORMANCE

 

Amounts and percentage rates in this interim management report were rounded, and the addition of these individual figures can therefore produce results that differ from the totals shown.

 

Business performance of AUSTRIACARD HOLDINGS Group as monitored by Management

 

The following analysis is based on the business performance as monitored by Group management with a separate presentation of Special Items which include i.a. effects from Management participation programs, foreign exchange and other valuation related effects below adjusted Profit (Loss) before tax. Starting with 2025 the Management view also includes effects from Hyperinflation Accounting for the Türkiye based entity in all positions, therefore previous year figures were adapted accordingly in the tables below.

 

 

 

 

 

In the first quarter of 2025, AUSTRIACARD HOLDINGS Group reported revenues of € 82.6m, representing a decrease of € -9.2m or -10.0% compared to the same period in 2024. The reason for this reduction is the Turkish payment card market which contracted after several years of strong growth resulting in a revenue reduction of the Identity & Payment solution category by € 12.8m or -22.4% overall. The other Identity & Payment solution markets were in line or above previous year but could not offset the negative impact from Turkish market. The Digital Technologies category recorded a strong performance, growing by +21.5% or € +1.3m, primarily driven by digitalization transformation projects for the Greek public sector and services provided by our recent acquisitions LS TECH and GlobalTrust. The Document Lifecycle Management solution also contributed positively with an increase of € +2.3m or +8.2%, due to higher printing revenues in CEE and increased postal revenues associated with the personalization services.

 

 

Revenues by Segments in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Western Europe, Nordics, Americas	28.7	25.9	2.7	10.5%
Central Eastern Europe & DACH	51.6	62.1	(10.5)	-16.9%
Türkiye / Middle East and Africa	7.6	22.1	(14.5)	-65.6%
Eliminations & Corporate	(5.3)	(18.4)	13.1	-71.2%
Total	82.6	91.8	(9.2)	-10.0%

 

From a segment perspective, Western Europe, Nordics and Americas recorded an increase of € +2.7m or +10.5% compared to the previous year, mainly driven by higher sales of metal payment cards and postal revenues associated with personalization services. In contrast, the MEA region registered a revenue decrease of € -14.5m or -65.6%, essentially due to lower revenues in the Turkish payment card market. This reduction is attributable to the current economic uncertainties in Türkiye and to high levels of paid customer stock after several years of strong growth. This downturn also affected the Central Eastern Europe & DACH segment due to a decrease in inter-segment deliveries of payment cards to the Turkish market amounting to € 11.7m more than offsetting the growth generated in the Document Lifecycle and Digital Technologies categories. Overall, the CEE segment registered a decline of € -10.5m or -16.9% year-over-year.

 

Gross Profit I declined by € -3.1m compared to the same period last year, reaching € 39.3m in the first quarter. The Gross margin I increased by 1.4 percentage points to 47.6% as a result of a higher share of service-related revenues without associated Costs of Material and Mailing.

 

Gross Profit II decreased by € -3.2m or -14.0%, essentially in line with Gross profit I as Production costs remained at the same level as the previous year. Consequently, the Gross Margin II also decreased by -1.1 percentage points, landing at 23.7% compared to 24.8% in the same period of last year.

 

Operating expenses (OPEX) in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Production costs	(19.7)	(19.7)	(0.1)	0.4%
Selling and distribution expenses	(5.5)	(5.7)	0.2	-3.8%
Administrative expenses	(6.3)	(6.1)	(0.2)	3.5%
Research and development expenses	(2.3)	(1.7)	(0.6)	37.1%
+ Depreciation, amortization and impairment	4.8	4.0	0.8	19.5%
Total	(29.1)	(29.2)	0.1	-0.3%
Operating expenses as a percentage of Sales	35.2%	31.8%	3.4%

 

Operating expenses (OPEX) excluding depreciation, amortization and impairment amounted to € 29.1m in the first quarter 2025, decreasing slightly by € 0.1m compared to the comparative period in 2024. Production costs remained essentially stable at € 19.7m as increased Depreciation & amortization expense (€ +0.6m) compensated savings in personnel costs (€ -0.6m). Selling & Distribution expenses totalled to € 5.5m, down by € -0.2m due to lower transportation costs. Administrative expenses came in at € 6.3m increasing by € +0.2m or 3.5% compared to last year. Research & Development (R&D) expenses reached € 2.3m increasing by € +0.6m or 37.1% compared to the first quarter in 2024, mainly due to our continued investment in our R&D capacities to support business growth. As a percentage of revenues, OPEX increased by 3.4 percentage points to 35.2% due to the reduction in revenues.

 

Adjusted EBITDA decreased by € -2.6m or -18.9% from € 13.8m to € 11.2m, due to the reduction of gross profit being partially compensated by an increase in R&D subsidies included in Other income (€ +0.4m). The adjusted EBITDA margin decreased by -1.5 percentage points from 15.1% to 13.6% in Q1 2025.

 

Adjusted EBIT came in at € 6.4m, decreasing by € -3.4m or -34.6% compared to 2024, as a result of the reduced EBITDA and an increase in depreciation and amortization by € -0.8m, reflecting prior-year CAPEX and M&A activity.

 

Adjusted Profit before tax decreased by € -3.1m or -38.6% to € 4.9m as the reduction in adjusted EBIT was partially compensated by lower Net finance costs (€ +0.3m) related to lower average outstanding debt and thus resulting lower interest expenses.

 

Special items in € million	included in	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Management participation programs	EBITDA	(0.8)	(1.2)	0.4	-33.6%
Foreign exchange gains	Profit before tax	0.0	0.1	(0.1)	-100.0%
Foreign exchange losses	Profit before tax	(0.6)	(0.2)	(0.3)	135.4%
IAS 29 Hyperinflation	Profit before tax	(0.1)	0.0	(0.1)	-267.1%
Total		(1.4)	(1.3)	(0.1)	10.0%

 

Profit after tax declined by € -2.6m or -50.5% from € 5.2m to € 2.6m in Q1 2025 as lower income tax expense 
(€ +0.6m) partially compensated the lower Profit before tax. Special Items came in at an expense of € 1.4m, essentially in line with Q1 2024 since lower costs for management participation programs (€ +0.4m) were offset by higher foreign exchange related expenses (€ -0.3m). The Profit after tax margin shrunk from 5.6% in the first quarter of 2024 to 3.1% in Q1 2025.

 

 

 

FINANCIAL POSITION

 

 

Statement of financial position in € million	31/03/2025	31/12/2024	D '25-'24	D '25-'24 %
Non-current assets	163.6	165.2	(1.6)	-1.0%
Current assets	163.9	166.4	(2.5)	-1.5%
Total assets	327.5	331.6	(4.0)	-1.2%
Total Equity	127.3	124.8	2.5	2.0%
Non-current liabilities	116.6	117.3	(0.8)	-0.7%
Current Liabilities	83.6	89.5	(5.8)	-6.5%
Total Equity and Liabilities	327.5	331.6	(4.0)	-1.2%

 

Total assets decreased by € 4.0m from € 331.6m as of 31 December 2024 to € 327.5m as of 31 March 2025 which is mainly related to decreases in current assets (€ -2.5m) and lower current liabilities (€ -5.8m) being partially compensated by higher total equity (€ +2.5m). The decrease in current liabilities is mainly related to the decrease in trade payables (€ -8.0m). Total equity increased by € 2.5m to € 127.3m mainly as a result of the profits generated and share-option expense recognized in the relevant reserve in equity. The equity ratio of the AUSTRIACARD HOLDINGS Group improved from 37.6% on 31 December 2024 to 38.9% on 31 March 2025.

 

Net Working Capital in € million	31/03/2025	31/12/2024	D '25-'24	D '25-'24 %
Inventories	69.3	72.8	(3.5)	-4.8%
Contract assets	17.8	15.0	2.9	19.1%
Current income tax assets	0.6	0.5	0.0	7.2%
Trade receivables	43.8	45.3	(1.5)	-3.4%
Other receivables	13.5	11.1	2.5	22.4%
	145.0	144.6	0.4	0.3%
Current income tax liabilities	(4.1)	(3.6)	(0.5)	13.9%
Trade payables	(35.8)	(43.8)	8.0	-18.3%
Other payables	(18.1)	(17.0)	(1.1)	6.7%
Contract liabilities	(8.2)	(7.2)	(1.0)	14.5%
Deferred income	(1.1)	(1.8)	0.7	-36.9%
	(67.4)	(73.4)	6.0	-8.1%
Net Working Capital	77.6	71.3	6.3	8.9%

 

Net Working Capital increased by € 6.3m or 8.9%, from € 71.3m on 31 December 2024 to € 77.6m on 31 March 2025, mainly as a result of the decrease in trade payables (€ - 8.0m). As a percentage of revenues (12-month rolling), Net Working Capital thus increased from 19.3% to 20.3%.

 

Statement of cash flows in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Cash flows from operating activities	3.1	(0.5)	3.6	-721.8%
Cash flows from investing activities	(2.9)	(3.8)	0.9	-23.6%
Cash flows from financing activities	(2.8)	5.2	(7.9)	-153.4%
Net increase (decrease) in cash and cash equivalents	(2.5)	0.9	(3.4)	-386.9%
Capital expenditure incl. ROU, excl. M&A (CAPEX)	(3.8)	(4.9)	1.1	-22.8%

 

The Group’s Cash flow from operating activities increased by € +3.6m in the first three months of 2025 from 
€ -0.5m in 2024 to € +3.1m in 2025 due to a reduced pace of working capital build up: 2025 € -6.9m vs 2024 
€ -12.3m resulting in an improvement of operating cashflow from Net working capital of € +5.4m.

 

The Cash flow from investing activities came in at a net outflow of € -2.9m and related to regular investments in plant and equipment and inhouse development of software to enhance our digital solutions offering and similar operating investments.

 

Cash flow from financing activities came in as a net outflow of € -2.8m compared to an inflow of € +5.2m in the same period in 2024. This outflow primarily relates to interest (€ -1.5m), the implementation of the share-buy-back program (€ -0.5m), acquisition of non-controlling interests (€ -0.2m) and a net balance of loans and lease repayments (cash outflow of € -0.6m).

 

 

Net Debt in € million	31/03/2025	31/12/2024	D '25-'24	D '25-'24 %
Cash and cash equivalents	(18.9)	(21.7)	2.8	-13.0%
Loans and borrowings	117.1	117.4	(0.2)	-0.2%
Net Debt	98.2	95.6	2.6	2.7%

 

Net Debt increased by € 2.6m from € 95.6m as of 31 December 2024 to € 98.2m as of 31 March 2025. Net Debt / Adjusted EBITDA (rolling 12 months) improved from 2.0x in 1-3 2024 to 1.9x in 1-3 2025.

 

 

Financial performance indicators

 

 

Key performance indicators in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Revenue	82.6	91.8	(9.2)	-10.0%
Gross profit I	39.3	42.4	(3.1)	-7.4%
Gross profit I margin	47.6%	46.2%	1.4%	n/a
Gross profit II	19.5	22.7	(3.2)	-14.0%
Gross profit II margin	23.7%	24.8%	-1.1%	n/a
Total OPEX excluding depreciation	(29.1)	(29.2)	0.1	-0.3%
Total OPEX excluding depreciation as % on sales	-35.2%	-31.8%	-3.4%	n/a
adjusted EBITDA	11.2	13.8	(2.6)	-18.9%
adjusted EBITDA margin	13.6%	15.1%	-1.5%	n/a
adjusted EBIT	6.4	9.8	(3.4)	-34.6%
adjusted EBIT margin	7.8%	10.7%	-2.9%	n/a
adjusted Profit before tax	4.9	7.9	(3.1)	-38.6%
adjusted Profit before tax margin	5.9%	8.6%	-2.7%	n/a
adjusted Profit after tax	4.0	6.5	(2.5)	-38.3%
adjusted Profit after tax margin	4.9%	7.1%	-2.2%	n/a
Profit after Tax	2.6	5.2	(2.6)	-50.5%
Profit after Tax margin	3.1%	5.6%	-2.5%	n/a
Operating Cash Flow	3.1	(0.5)	3.6	721.8%
Operating Cash Flow as % on sales	3.8%	-0.5%	4.3%	n/a
Net Equity / Total Assets (31 March vs. 31 December)	38.9%	37.6%	1.2%	n/a
Net Working Capital as of 31 March	77.6	70.7	6.9	9.8%
Net Working Capital as % on revenues (12 months)	20.3%	19.3%	1.0%	n/a
Net Debt as of 31 March	98.2	102.6	(4.3)	-4.2%
Net Debt / adjusted EBITDA (12 months)	1.9	2.0	(0.2)	n/a

 

 

Non-financial performance indicators

 

 

Non-financial performance indicators	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Number of sold cards (in million)	26.1	38.8	(12.8)	-32.9%
Average number of employees in Full-time equivalents	2,111	2,433	(322)	-13.2%
Number of employees in Headcount as of 31 March	2,377	2,763	(386)	-14.0%

 

 

REPORT ON SEGMENTS

 

 

Western Europe, Nordics, Americas

 

Business performance in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Revenues	28.7	25.9	2.7	10.5%
Costs of material & mailing	(15.8)	(12.9)	(2.9)	22.8%
Gross profit I	12.8	13.1	(0.2)	-1.7%
Gross margin I	44.8%	50.3%	-5.5%
Production costs	(5.9)	(5.5)	(0.3)	6.3%
Gross profit II	7.0	7.5	(0.6)	-7.5%
Gross margin II	24.3%	29.0%	-4.7%
Other income	0.0	0.0	0.0	58.7%
Selling and distribution expenses	(2.0)	(2.0)	0.0	-0.5%
Administrative expenses	(2.0)	(1.6)	(0.4)	23.2%
Research and development expenses	(0.1)	(0.2)	0.0	-17.1%
Other expenses	(0.0)	(0.0)	(0.0)	745.3%
+ Depreciation, amortization & impairment	1.8	1.4	0.3	21.6%
adjusted EBITDA	4.5	5.1	(0.6)	-11.7%
adjusted EBITDA margin	15.7%	19.7%	-4.0%
- Depreciation, amortization & impairment	(1.8)	(1.4)	(0.3)	21.6%
adjusted EBIT	2.7	3.7	(0.9)	-24.9%

 

The Western Europe, Nordics and Americas (WEST) segment generated revenues of € 28.7m in Q1 2025, an increase of € +2.7m or +10.5% compared to Q1 2024. This growth was mainly driven by higher sales of metal payment cards and postal revenues associated with personalization services.

 

Gross Profit I decreased by € -0.2m or -1.7%, from € 13.1m to € 12.8m in Q1 2025, mainly due to a different sales mix and lower revenues from personalization services (€ -0.5m). As a result, Gross Margin I was reduced by -5.5 percentage points to 44.8%.

 

Gross Profit II decreased by € -0.6m or -7.5%, from € 7.5m to € 7.0m as a result of the reduced Gross profit I and higher depreciation and amortization costs (€ -0.3m) related to Production costs. Gross Margin II thus decreased by 
-4.7 percentage points to 24.3%.

 

 

Operating expenses excl. D, A & I (OPEX) in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Production costs	(5.9)	(5.5)	(0.3)	6.3%
Selling and distribution expenses	(2.0)	(2.0)	0.0	-0.5%
Administrative expenses	(2.0)	(1.6)	(0.4)	23.2%
Research and development expenses	(0.1)	(0.2)	0.0	-17.1%
+ Depreciation, amortization & impairment	1.8	1.4	0.3	21.6%
Total	(8.3)	(8.0)	(0.4)	4.8%
Operating expenses as a percentage of revenues	29.1%	30.7%	-1.6%

 

OPEX increased by € +0.4m to € 8.3m in Q1 2025 compared to the same period in 2024 as a result of higher personnel and third-party expenses related in the Administrative function. Despite the increase in absolute terms, OPEX as a percentage of revenues decreased from 30.7% to 29.1%.

 

Adjusted EBITDA decreased by € -0.6m or -11.7% to € 4.5m, while adjusted EBIT decreased by € -0.9m or -24.9% to € 2.7m, primarily due to lower gross profit and higher depreciation and amortization.

 

 

 

 

 

Central Eastern Europe & DACH

 

Business performance in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Revenues	51.6	62.1	(10.5)	-16.9%
Costs of material & mailing	(27.5)	(34.8)	7.3	-21.0%
Gross profit I	24.2	27.4	(3.2)	-11.8%
Gross margin I	46.8%	44.1%	2.7%
Production costs	(12.4)	(12.9)	0.5	-3.9%
Gross profit II	11.8	14.5	(2.7)	-18.9%
Gross margin II	22.8%	23.3%	-0.5%
Other income	1.2	0.9	0.3	35.9%
Selling and distribution expenses	(3.0)	(3.2)	0.2	-6.4%
Administrative expenses	(3.9)	(4.9)	1.1	-21.6%
Research and development expenses	(1.9)	(1.4)	(0.5)	31.5%
Other expenses	(0.2)	(0.2)	0.1	-35.6%
+ Depreciation, amortization and impairment	2.8	2.5	0.3	12.8%
adjusted EBITDA	6.8	8.0	(1.2)	-15.0%
adjusted EBITDA margin	13.2%	12.9%	0.3%
- Depreciation, amortization and impairment	(2.8)	(2.5)	(0.3)	12.8%
adjusted EBIT	4.0	5.5	(1.5)	-27.4%

 

The Central Eastern Europe & DACH (CEE) segment reported revenues of € 51.6m in Q1 2025, a decrease of € -10.5m or -16.9% compared to the same period in 2024. This decline was primarily driven by a drop in inter-segment payment card deliveries to the Turkish market (€ -11.7m) which more than offset the growth generated by the Digital  Technologies category of € +1.2m or +20.0%.

 

Gross Profit I declined by € -3.2m or -11.8% due to the reduction in revenues while Gross Margin I increased from 44.1% to 46.8% as a result of a higher share of service-related revenues without associated Costs of Material and Mailing.

 

Gross Profit II decreased by € -2.7m or -18.9% from € 14.5m to € 11.8m due to the reduced Gross profit I which was partially compensated by lower Productions costs (€ +0.5m). Gross Margin II decreased by -0.5 percentage points from 23.3% to 22.8%.

 

 

Operating expenses excl. D, A & I (OPEX) in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Production costs	(12.4)	(12.9)	0.5	-3.9%
Selling and distribution expenses	(3.0)	(3.2)	0.2	-6.4%
Administrative expenses	(3.9)	(4.9)	1.1	-21.6%
Research and development expenses	(1.9)	(1.4)	(0.5)	31.5%
+ Depreciation, amortization and impairment	2.8	2.5	0.3	12.8%
Total	(18.4)	(20.0)	1.6	-8.2%
Operating expenses as a percentage of revenues	35.6%	32.2%	3.4%

 

OPEX decreased by € -1.6m or -8.2% to € 18.4m in Q1 2025, primarily driven by lower personnel expenses in the Production, Selling and Administrative functions. R&D expenses increased by € +0.5m reflecting our increased focus and investment in this function. Operating expenses as a percentage of revenues increased from 32.2% to 35.6% due to reduction in segment revenues.

 

Adjusted EBITDA decreased by € 1.2m or -15.0% to € 6.8m while adjusted EBIT decreased by € 1.5m or -27.4% to € 4.0m, essentially as a result of the reduction in revenues and gross profit.

 

 

 

 

Türkiye / Middle East and Africa

 

Business performance in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Revenues	7.6	22.1	(14.5)	-65.6%
Costs of material & mailing	(5.0)	(18.7)	13.7	-73.3%
Gross profit I	2.6	3.5	(0.8)	-24.2%
Gross margin I	34.5%	15.6%	18.8%
Production costs	(1.5)	(1.2)	(0.2)	18.2%
Gross profit II	1.1	2.2	(1.1)	-48.1%
Gross margin II	15.1%	10.0%	5.1%
Other income	0.0	0.0	(0.0)	-100.0%
Selling and distribution expenses	(0.4)	(0.4)	0.0	-0.6%
Administrative expenses	(0.2)	(0.1)	(0.1)	71.4%
Research and development expenses	(0.3)	0.0	(0.3)	n/a
Other expenses	(0.0)	(0.0)	0.0	-97.2%
+ Depreciation, amortization and impairment	0.2	0.1	0.1	218.3%
adjusted EBITDA	0.4	1.7	(1.3)	-75.0%
adjusted EBITDA margin	5.6%	7.8%	-2.1%
- Depreciation, amortization and impairment	(0.2)	(0.1)	(0.1)	218.3%
adjusted EBIT	0.2	1.7	(1.4)	-86.6%

 

The Türkiye, Middle East and Africa (MEA) segment recorded revenues of € 7.6m decreasing by € -14.5m or -65.6% compared to Q1 2024 which is essentially due to lower revenues in the Turkish payment card market. This reduction is attributable to the current economic uncertainties in the Turkish market and to high levels of paid customer stock after several years of strong growth.

 

Gross Profit I decreased by € -0.8m to € 2.6m as a result of the revenue reduction. Gross Margin I increased from 15.6% to 34.5% due to the vastly changed sales mix related to the reduction in revenues.

 

Gross Profit II decreased by € -1.1m or -48.1% from € 2.2m to € 1.1m as a result of the reduced Gross profit I and increase in Production costs by € -0.2m which is mainly related to increased depreciation and amortization costs 
(€ 0.1m). Gross Margin II increased by +5.1 percentage points to 15.1% as a result of the vastly changed sales mix.

 

 

Operating expenses excl. D, A & I (OPEX) in € million	1-3 2025	1-3 2024	D '25-'24	D '25-'24 %
Production costs	(1.5)	(1.2)	(0.2)	18.2%
Selling and distribution expenses	(0.4)	(0.4)	0.0	-0.6%
Administrative expenses	(0.2)	(0.1)	(0.1)	71.4%
Research and development expenses	(0.3)	0.0	(0.3)	0.0%
+ Depreciation, amortization and impairment	0.2	0.1	0.1	218.3%
Total	(2.2)	(1.7)	(0.5)	27.3%
Operating expenses as a percentage of revenues	28.8%	7.8%	21.0%

 

OPEX increased by € -0.5m or 27.3% from € 1.7m to € 2.2m in Q1 2025 compared to the same period in 2024, mainly as result of higher Research & development expenses (€ 0.3m). OPEX as a percentage of revenues increased from 7.8% to 28.8% due to the reduction in revenues.

 

Adjusted EBITDA and adjusted EBIT dropped by € -1.3m or -75.0% to € 0.4m respectively € -1.4m or -86.6% to 
€ 0.2m as result of the downturn in revenues and gross profit.

 

 

 

 

 

 

 

ABOUT AUSTRIACARD HOLDINGS AG

AUSTRIACARD HOLDINGS AG leverages over 130 years of experience in information management, printing, and communications to deliver secure and transparent experiences for its customers. They offer a comprehensive suite of products and services, including payment solutions, identification solutions, smart cards, card personalization, digitization solutions, and secure data management. ACAG employs a global workforce of 2,400 people and is publicly traded on both the Athens and Vienna Stock Exchanges under the symbol ACAG.

 

 

 

 

 

Contact person: Mr. Markus Kirchmayr, Group CFO

E-Mail:                 investors@austriacard.com

Tel:  +43 1 61065 - 384

Website: www.austriacard.com

Symbol: ACAG

ISIN: AT0000A325L0

Stock Exchanges: Vienna Prime Market, Athens Main Market

 

 

 

 

 

 

 

 

 

 

APPENDIX

 

 

 

A.                  PRIMARY FINANCIAL STATEMENTS

 

Consolidated statement of financial position

 

in € thousand		31 March 2025	31 December 2024
Assets
Property, plant and equipment and right of use assets		100,121	100,545
Intangible assets and goodwill		58,359	59,555
Equity-accounted investees		395	395
Other receivables		1,313	1,259
Deferred tax assets		3,454	3,474
Non-current assets		163,641	165,227
Inventories		69,317	72,795
Contract assets		17,815	14,952
Current income tax assets		561	523
Trade receivables		43,758	45,297
Other receivables		13,541	11,061
Cash and cash equivalents		18,911	21,737
Current assets		163,902	166,366
Total assets		327,543	331,593
Equity
Share capital		36,354	36,354
Share premium		32,749	32,749
Own shares		(2,584)	(2,064)
Other reserves		20,321	19,856
Retained earnings		37,710	37,385
Equity attributable to owners of the Company		124,550	124,281
Non-controlling interests		2,787	524
Total Equity		127,337	124,805
Liabilities
Loans and borrowings		100,891	101,261
Employee benefits		3,898	4,005
Other payables		1,680	1,726
Deferred tax liabilities		10,093	10,336
Non-current liabilities		116,561	117,328
Current tax liabilities		4,118	3,615
Loans and borrowings		16,258	16,097
Trade payables		35,802	43,807
Other payables		18,124	16,985
Contract liabilities		8,228	7,188
Deferred income		1,115	1,769
Current Liabilities		83,645	89,460
Total Liabilities		200,206	206,788
Total Equity and Liabilities		327,543	331,593

 

 

 

 

 

 

 

 

 

 

 

Consolidated income statement

 

 

in € thousand		1-3 2025	1-3 2024
Revenues		82,566	91,765
Cost of sales		(63,034)	(69,040)
Gross profit		19,532	22,725
Other income		1,192	892
Selling and distribution expenses		(5,469)	(5,686)
Administrative expenses		(7,130)	(7,323)
Research and development expenses		(2,320)	(1,692)
Other expenses		(180)	(299)
+ Depreciation, amortization and impairment		4,773	3,995
EBITDA		10,399	12,612
- Depreciation, amortization and impairment		(4,773)	(3,995)
EBIT		5,625	8,616
Financial income		142	175
Financial expenses		(2,348)	(2,186)
Result from associated companies		0	0
Net finance costs		(2,206)	(2,011)
Profit (Loss) before tax		3,419	6,605
Income tax expense		(860)	(1,431)
Profit (Loss)		2,560	5,175
Profit (Loss) attributable to:
Owners of the Company		1,989	5,078
Non-controlling interests		571	97
Profit (Loss)		2,560	5,175
Earnings (loss) per share
basic		0.06	0.14
diluted		0.05	0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated statement of cash flows

 

 

in € thousand		1-3 2025	1-3 2024
Cash flows from operating activities
Profit (Loss) before tax		3,419	6,605
Adjustments for:
-Depreciation, amortization and impairment		4,773	3,995
-Net finance cost		2,206	2,011
-Other non-cash transactions		180	(317)
		10,579	12,294
Changes in:
-Inventories		3,478	(6,264)
-Contract assets		(2,863)	(2,407)
-Trade and other receivables		(940)	(2,142)
-Contract liabilities		1,039	(3,068)
-Trade payable and other payables		(7,582)	1,650
-Taxes paid		(611)	(563)
Net cash from (used in) operating activities		3,101	(499)
Cash flows from investment activities
Interest received		142	81
Payments for acquisition of subsidiaries and business, net of cash acquired		0	(745)
Payments for acquisition of property, plant and equipment & intangible assets		(3,030)	(3,117)
Net cash from (used in) investing activities		(2,888)	(3,780)
Cash flows from financing activities
Interest paid		(1,481)	(1,367)
Proceeds from loans and borrowings		5,019	10,508
Repayment of loans and borrowings		(4,555)	(3,130)
Payment of lease liabilities		(1,069)	(844)
Acquisition of own shares		(520)	0
Acquisition of non-controlling interests		(155)	0
Net cash from (used in) financing activities		(2,762)	5,168
Net increase (decrease) in cash and cash equivalents		(2,549)	889
Cash and cash equivalents at 1 January		21,737	23,825
Effect of movements in exchange rates on cash held		(277)	(50)
Cash at 31 March		18,911	24,663

 

 

 

B.                   SEGMENT REPORTING

	Reportable Segments
1-3 2025 in € thousand	WEST	CEE	MEA		Corporate		Eliminations		Total
Revenues	26,899	48,070	7,598		0		0		82,566
Intersegment revenues	1,754	3,553	5		935		(6,247)		0
Segment revenues	28,653	51,623	7,603		935		(6,247)		82,566
Costs of material & mailing	(15,819)	(27,471)	(4,983)		0		4,976		(43,297)
Gross profit I	12,834	24,152	2,619		935		(1,272)		39,269
Production costs	(5,877)	(12,388)	(1,471)		0		0		(19,737)
Gross profit II	6,957	11,764	1,148		935		(1,272)		19,532
Other income	9	1,183	0		0		0		1,192
Selling and distribution  expenses	(2,037)	(3,029)	(402)		0		0		(5,469)
Administrative expenses	(2,032)	(3,869)	(233)		(1,470)		1,272		(6,333)
Research and development  expenses	(146)	(1,879)	(291)		(4)		0		(2,320)
Other expenses	(5)	(160)	(1)		(13)		0		(179)
+ Depreciation, amortization  and impairment	1,763	2,797	208		5		0		4,773
adjusted EBITDA	4,508	6,807	429		(546)		0		11,197
- Depreciation, amortization  and impairment	(1,763)	(2,797)	(208)		(5)		0		(4,773)
adjusted EBIT	2,745	4,010	221		(552)		0		6,424
Financial income									142
Financial expenses									(1,698)
Result from associated  companies									0
Net finance costs									(1,555)
adjusted Profit (Loss) before tax									4,868
Special items									(1,449)
Profit (Loss) before tax									3,419
Income tax expense									(860)
Profit (Loss)									2,560

 

 

	Reportable Segments
1-3 2024 in € thousand	WEST	CEE	MEA		Corporate		Eliminations		Total
Revenues	24,414	45,260	22,087		4		0		91,765
Intersegment revenues	1,525	16,887	30		1,000		(19,442)		0
Segment revenues	25,939	62,146	22,117		1,005		(19,442)		91,765
Costs of material & mailing	(12,887)	(34,758)	(18,661)		0		16,925		(49,381)
Gross profit I	13,053	27,388	3,455		1,005		(2,517)		42,384
Production costs	(5,529)	(12,886)	(1,244)		0		0		(19,659)
Gross profit II	7,524	14,502	2,211		1,005		(2,517)		22,725
Other income	6	870	15		0		0		892
Selling and distribution expenses	(2,047)	(3,235)	(405)		0		0		(5,686)
Administrative expenses	(1,650)	(4,935)	(136)		(1,917)		2,517		(6,121)
Research and development expenses	(177)	(1,428)	0		(87)		0		(1,692)
Other expenses	(1)	(249)	(33)		(16)		0		(299)
+ Depreciation, amortization and impairment	1,450	2,479	65		1		0		3,995
adjusted EBITDA	5,106	8,005	1,717		(1,014)		(0)		13,814
- Depreciation, amortization and impairment	(1,450)	(2,479)	(65)		(1)		0		(3,995)
adjusted EBIT	3,656	5,526	1,652		(1,015)		(0)		9,819
Financial income									81
Financial expenses									(1,978)
Result from associated companies									0
Net finance costs									(1,896)
adjusted Profit (Loss) before tax									7,923
Special items									(1,317)
Profit (Loss) before tax									6,605
Income tax expense									(1,431)
Profit (Loss)									5,175